Liberty Mutual one step closer to State Auto acquisition
State Auto Financial shareholders have signed off on the proposed acquisition of the insurer by Liberty Mutual.
State Auto, based in Columbus, said Thursday that 99.5% of the shares voted, including abstentions, were in favor of the $1 billion deal.
The deal, which is expected to close next year, was announced in July. It’s being pitched as a way to help Liberty expand its offerings for small commercial insurance and consumers.
State Auto shares tripled on the proposed acquisition and have been trading around $51 per share, just below the $52 purchase price.
State Auto has said the acquisition is not expected to result in any staff reductions among its 2,000 workers.
Liberty Mutual has committed to operating out of State Auto’s headquarters at 518 E. Broad St. for at least two years after the transaction closes and will explore establishing Columbus as a Midwest regional hub. Liberty Mutual also has also committed to maintaining the company’s philanthropic and charitable efforts for a period of time following the acquisition. mawilliams@dispatch.com @Bizmarkwilliams